Cirrus Inns, the investment vehicle launched to back a premium estate of freehold pubs with rooms, has acquired all three pubs operated by the London-based DM Group, MCA has learnt.
The acquisition of the freeholds of the Cross Keys in Chelsea and the Sands End in Fulham as well as the free-of-tie lease of Fulham’s Brown Cow, brings the Cirrus London estate to five (adding to The Punchbowl, Mayfair and the Admiral Coddington, Chelsea) and the overall portfolio to 23.
The acquisition, for an undisclosed fee, was funded by a new debt facility secured with Metro Bank, which will also fuel further expansion for the group.
Alexander Langlands Pearse (Langy), chief executive, said: “These are three great pubs run by great people and in amazing locations, which will create a crown for our overall estate. We don’t want to lose the individuality of the pubs but having five gives us a great platform in the capital that complements the approach we have taken in our pubs across the rest of the country.”
He added: “This marks the first time we have brought some senior debt into the company. We looked at a number of options to do that and Metro Bank was by far the most attractive. They have been incredibly supportive in terms of this acquisition and going forward into Chapter 2 of Cirrus Inns.”
Steve Crosswell, commercial banking director for hospitality and leisure at Metro Bank, said: “We are delighted to be supporting this transaction. The management team behind Cirrus are exceptionally strong and they have built a unique estate which this acquisition complements very well. We are also happy to support the future growth with additional facilities.”